Associated Estates Realty Corp (AEC)

Associated Estates Realty Corporation operates as a self-administered and self-managed equity real estate investment trust in the United States. It engages in property acquisition, advisory, development, management, disposition, operation, and ownership of multifamily residential units. As of June 30, 2005, it owned or property managed 113 apartment communities in 11 states consisting of 24,203 units. The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. Associated Estates Realty Corp. was founded in 1993 and is headquartered in Richmond Heights, Ohio.

For the nine months ended 30 September 2006, Associated Estates Realty Corporation's revenues increased 8% to $113.6M. Net loss applicable to Common increased 57% to $28.4M. Revenues reflect increased property, management and service company revenue. Higher loss reflects rise in property operating & maintenance expenses, increased depreciation & amortization expenses, and higher painting services expenses.